The Budweiser, Corona and Stella Artois brewer aims to draw developed market consumers back to beer from wine and spirits through a wider range of premium lagers, and attract emerging market drinkers with affordable beers.

Revenue grew by 4.8% in 2018 and by 5.3% in the fourth quarter (Q4) 2018 with revenue per hectolitre (hl) growth of 4.5% in 2018 and 4.9% in Q4 2018. AB InBev said these results were “driven by global premiumisation and revenue management initiatives”.

On a constant geographic basis, revenue per hl grew by 4.7% in 2018 and by 4.6% in Q4 2018.

Total volumes grew by 0.3% in 2018, with own beer volumes up 0.8% and non-beer volumes down 3.6%. Q4 total volumes increased by 0.3% with own beer volumes up by 1.2% and non-beer volumes down by 4.9%.

Combined revenues for the three global brands, Budweiser, Stella Artois and Corona, grew by 9% in full-year 2018 and by 9.8% in Q4 2018. Outside of their respective home markets, the global brands grew by 13.1% in full-year 2018 and by 12.6% in Q4 2018.

Cost of sales (CoS) increased by 4.7% in 2018 and by 4.3% on a per hl basis. On a constant geographic basis, CoS per hl increased by 4.6% in 2018. In Q4 2018 results, CoS increased by 6.5% and by 6% on a per hl basis. On a constant geographic basis, CoS per hl increased by 6% in Q4 2018.

Normalised profit attributable to equity holders of AB InBev was down to $6,793m in full-year 2018 from $7.967m in 2017, and was $1,574m in Q4 2018 from $2,054m in Q4 2017.

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